Stretching out your car repayment term can lower your monthly payments. But the longer the car loan, the longer the period where you owe more than your car is worth. If you need a new car during that “negative equity” period, you will have to get a loan not only to pay for the new car, but also to repay what you still owe on the old one.
Understanding your financial rights and your responsibilities means no surprises. Find out more at Canada.ca/it-pays-to-know
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